Arkansas Foreclosure Timeline and Laws

Arkansas Foreclosure Process and Procedure

If you default on your mortgage, your lender can institute foreclosure proceedings against you. You risk losing your home.

Arkansas foreclosures are conducted by non-judicial foreclosure proceedings. Judicial foreclosures are conducted when there is no power of sale clause contained in the deed of trust.   

Notice Requirements for Foreclosure in Arkansas

The lender must file a notice of default in the county where the property is located prior to initiating foreclosure proceedings and not less than 30 days after default.  Within ten days thereafter, the notice must be sent certified mail to the borrower and any other interested parties.

The notice must be posted in three public places [one being the nearest U.S. post office] at least 30 days before the sale, and published in a local newspaper once a week for four weeks.  It must contain the date, time and place of sale, a description of the default, the lenders election to sell, and recording information from the deed of trust.

Arkansas Deficiency and Anti-Deficiency Laws

No deficiency judgment is allowed for property sold at a foreclosure sale for less than the loan amount.  A deficiency judgment may be awarded only in a judicial action based upon the note.

Arkansas Redemption Rights

Arkansas has no post-sale statutory right of redemption.

Arkansas Assistance, Special Programs, Government Help, and Law Updates

Foreclosure Programs:

• Arkansas Foreclosure Avoidance Counseling -HUD

• The Home Affordable Mortgage Modification Program

• The Home Affordable Refinance Program

• The Home Affordable Foreclosure Alternatives Program

• FHA Secure

• Hope for Homeowners

Foreclosure Lawyer

Arkansas foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.